Compute: $\left(\frac{1}{2} \right)^{3} \cdot \left(\frac{1}{7} \right)$.
Solution: We have $\left(\frac{1}{2} \right)^{3}=\frac{1}{2} \cdot \frac{1}{2} \cdot \frac{1}{2}=\frac{1}{8}$, so \[\left(\frac{1}{2} \right)^{3} \cdot \left(\frac{1}{7} \right) = \frac18\cdot \frac17 = \boxed{\frac{1}{56}}.\]